Assessment of the Electric Vehicle (EV) Landscape in Thailand

Thailand, commonly referred to as the “Detroit of the East,” is one of the world’s top automotive manufacturers, officially ranking 12th. One of the fastest growing sub-sectors of the Thai auto industry is electric vehicle development. Analysts estimate that the number of electric vehicles produced in Thailand will increase to 1.2 million by 2036.

  • Definition / Scope
  • Market Overview
  • Market Risks
  • Market Drivers
  • Market Restraints
  • Industry Challenges
  • Technology Trends
  • Other Key Market Trends
  • Impact of COVID-19
  • Market Size and Forecast
  • Market Outlook
  • Technology Roadmap
  • Competitive Landscape
  • Competitive Factors
  • Key Market Players
  • Strategic Conclusion
  • References

Definition / Scope

An electric vehicle, also known as an EV, is a vehicle that is propelled by multiple electric motors or traction motors. An electric vehicle can be self-contained or powered by electricity from off-vehicle sources via a collector system. Electric vehicles are self-sufficient thanks to electric generators (which convert fuel to electricity), solar panels, or batteries. Passenger cars (PC) and commercial vehicles (CV), which include road and rail vehicles, surface and underwater vessels, and more, are examples of electric vehicles.

Based on Type, the Electric Vehicle Market in Thailand is segmented into the following three types

Battery Electric Vehicle (BEV): A battery electric vehicle (BEV), also known as a pure electric vehicle, only-electric vehicle, or all-electric vehicle, is an electric vehicle (EV) that relies solely on chemical energy stored in rechargeable battery packs for propulsion (e.g. hydrogen fuel cell, internal combustion engine, etc.). Internal combustion engines (ICEs) are replaced by electric motors and motor controllers in BEVs. They have no internal combustion engine, fuel cell, or fuel tank because they get all of their power from battery packs.

Plug-In Hybrid Electric Vehicle (PHEV): A plug-in hybrid electric vehicle (PHEV) is a hybrid electric vehicle with a battery that can be recharged both by an external source of electric power and by the vehicle’s on-board engine and generator. The majority of PHEVs are passenger cars, but they also come in commercial and van versions, utility trucks, buses, trains, motorcycles, mopeds, and military vehicles. Plug-in hybrids, like all-electric vehicles, divert emissions from the car’s tailpipe to the generators that power the grid. These generators could be renewable or emit fewer pollutants than a conventional internal combustion engine.

Hybrid Electric Vehicle (HEV) is a hybrid vehicle that has both an internal combustion engine (ICE) and an electric propulsion system (hybrid vehicle drivetrain). The presence of an electric powertrain is intended to achieve either better fuel economy or better performance than a conventional vehicle. HEVs come in a variety of shapes and sizes, and their ability to function as an electric vehicle (EV) varies as well. The hybrid electric car is the most common type of HEV, but hybrid electric trucks (pickups and tractors) and buses are also available.

Based on Vehicle Type, the Electric Vehicle Market in Thailand is divided into the following three types

  • Passenger Vehicles
  • Light Commercial Vehicle (LCV)
  • Heavy Commercial Vehicle (HCV)

Market Overview

Thailand, commonly referred to as the “Detroit of the East,” is one of the world’s top automotive manufacturers, officially ranking 12th. One of the fastest growing subsectors of the Thai auto industry is electric vehicle development. Analysts estimate that the number of electric vehicles produced in Thailand will increase to 1.2 million by 2036.

The number of companies involved in Thailand’s electric vehicle industry has increased significantly since 2015, according to the Electric Vehicle Association of Thailand, from 76 in 2015 to 420 in 2019.

Market Overview

Thailand, commonly referred to as the “Detroit of the East,” is one of the world’s top automotive manufacturers, officially ranking 12th. One of the fastest growing subsectors of the Thai auto industry is electric vehicle development. Analysts estimate that the number of electric vehicles produced in Thailand will increase to 1.2 million by 2036.

The number of companies involved in Thailand’s electric vehicle industry has increased significantly since 2015, according to the Electric Vehicle Association of Thailand, from 76 in 2015 to 420 in 2019.


Japanese automakers have dominated Thailand’s auto market, accounting for nearly 90% of the country’s annual vehicle production. However, in recent years, Chinese companies that have developed electric vehicle technologies have gained traction. Great Wall Motors plans to open an electric vehicle factory in 2021 and is expected to apply for the new tax credits. SAIC Motor, which already has a presence in Thailand, intends to expand into the electric vehicle market.

The EV sector is part of Thailand’s overall automotive industry, which employs around 890,000. OEMs employ 300,000 people (100,000 in production and 200,000 at dealers), Tier 1 suppliers employ 250,000 people, and Tier 2 and Tier 3 suppliers employ about 340,000 people.

Thailand is the first country in Southeast Asia to provide incentives to electric vehicle manufacturers as well as tax breaks on vehicle sales. Companies can receive tax breaks for up to eight years, as well as exemptions from import duties on machinery and parts and excise tax reductions. According to BNEF, that policy and incentive combination is the most advanced in the region.

To encourage more EV adoption, the National EV Policy Committee met for the first time in March 2020 and approved the “Thailand Smart Mobility 30@30” roadmap. Thailand aims to produce 750,000 electric vehicles (or 30% of its 2.5 million car manufacturing capacity) by 2030. The roadmap’s short-term goal (2020–2022) is to promote the use of electric vehicles in government fleets, public transportation, and motorcycle taxis. It also sets a goal of 60,000–110,000 EVs as personal vehicles by 2022.

During this time, the committee also intends to provide demand-pull incentives for EV users, such as direct financial support for the “EV Pracharat” project. People can, for example, trade in an old ICEV for up to 100,000 Baht. Consumers can, for example, trade in an old ICEV for a new EV and save up to 100,000 Baht. Furthermore, as previous research has indicated that EV policies should be comprehensive and well-balanced, Thailand may benefit from combining demand-pull and technology-push incentives.

The Thai electric vehicle ecosystem is still in its early stages. The government’s push to encourage EV adoption through subsidies and tax breaks has boosted market growth even more. Despite the fact that the Thai automotive industry is expected to suffer a significant drop in FY2020 due to the outbreak of COVID-19, the electric vehicle market is expected to grow in the coming years.

Market Risks

The Major Risks posing as threat to the growth of the Electric Vehicle (EV) Market in Thailand include:

Hurdles to market penetration

For EVs to successfully penetrate the car sharing market, there will likely be a requirement for larger batteries and a more extensive network of fast chargers. Alternatively, car sharing companies could consider developing hubs, where cars are stored in designated spots with their own charging infrastructure, allowing for slower and less costly overnight charging. In order to effectively meet the operational requirements of taxis and ride hailing fleets, manufacturers will have to consider providing more seat capacity and trunk space.

Charging Infrastructure

Until there are enough fast chargers to prevent drivers from incurring losses due to long charging times and searching for available public charging stations, charging infrastructure will be a limiting factor yet again.

Top Market Opportunities

The top opportunities for new-entrants in the Electric Vehicle Market in Thailand are

Smart-Grid or V2G

V2G enables EV owners to link their batteries to the grid and distribute their electricity to those in need. On-demand power can be used to balance the grid at peak use periods, and is a top priority for electricity suppliers, avoiding costly costs and avoiding the need to run additional generation. When using renewable energy, it isn’t always enough (and often too much), so allowing V2G helps to bridge the gap between output and consumption. V2G technology can boost the efficiency of electrical components and add value to EV owners.

Export Opportunities

Thailand’s automotive industry profits from the government’s supportive policies. Over the last 50 years, the country has grown from an auto component assembler to a leading car manufacturing and export hub. Through the Board of Investment’s (BOI) investment promotion scheme, the government provides significant support in the form of tax and non-tax incentives to promote foreign investment in the sector. In addition, car manufacturers who produce BEVs (battery electric vehicles) in Thailand between 2020 and 2022 will earn a 0% excise tax exemption, compared to 8% in normal cases.

Thailand has emerged as a new manufacturing base for OEM and REM batteries, with exports to Japan and Thailand’s auto markets in ASEAN and Oceania. Its electric vehicle industry is still in its infancy. Thailand, on the other hand, manufactures electric three-wheelers that are exported to the United States, Portugal, Spain, France, Switzerland, Bulgaria, Cyprus, Finland, and Greece.

EV charging stations powered by renewable energy

Electric vehicles can be charged at a charging station or with a solar panel. One of the biggest opportunities for players in the electric vehicle charging industry is to use renewable energy to fuel EV charging stations. Solar powered charging stations have become popular among homeowners and businesses due to the lower cost and ease of installation of solar panels.

Market Drivers

The Key factors driving the growth of the Electric Vehicle Market in Thailand are

Tax incentives offered by the Government

Thailand’s Board of Investment (BOI) released its new tax incentives for the country’s electric vehicle (EV) industry on November 4, 2020. These tax cuts are specifically for eligible electric vehicle initiatives, such as the production of hybrid electric vehicles. Businesses in the EV supply chain, especially manufacturers of battery modules and battery cells, are also eligible for tax holidays.

Initially, only state agencies were responsible for propelling the industry forward by developing vehicle and charging station prototypes. However, the sector has become more appealing to the private sector as a result of increased government incentives.

The new incentive packages cover electric four-wheeled vehicles, ships, and motorcycles. The incentive package offered by the Government of Thailand is as in the below table

Type of BusinessIncentivesDetails of Investment Approval
Manufacture of Battery Electric Vehicle (BEV), Hybrid and Plug-in (Hybrid Electric Vehicles HEV & PHEV)8-year corporate income tax exemption, accounting for 100% of investment (excluding cost of land and working capital) Exemption of import duty on machinery Exemption of import duty on raw or essential materials used in manufacturing export productsfor one year, which can be extended as deemed appropriate by the Board Other non-tax incentivesDuring 2018–2019, the Board of Investment approved 26 applications, a total of 78,099 million Baht in net investment (approx. The approvals include:  2,584, 48,000 US$) 3 HEV manufacturers (Nissan, Honda, and Toyota) 2 PHEV manufacturers (BMW Manufacturing (Thailand) Co., Ltd. and Mercedes-Benz Manufacturing (Thailand) Co., Ltd.) 3 BEV manufacturers (FOMM, EA mobility—a subsidiary of Energy Absolute– and Takano Auto) 14 manufacturers of parts for hybrids (of which 10 approvals are for battery manufacturers)  
Manufacture of parts for BEV, HEV, PHEVExemption of import duty on machineryExemption of import duty on raw or essential materials used in manufacturing export products-for one year which can be extended as deemed appropriate by the Board – Other non-tax incentivesAs of December 2020, BOI announced additional approved applications, such as Mitsubishi Motor (Thailand) Co., Ltd., Chon Buri, Thailand SAIC Motor- CP Co., Ltd., Rayong, Thailand – MHI Automotive Climate Control (Chachoengsao, Thailand) – SWS Motor Co., Ltd., Nakhon Ratchasima, Thailand
EV charging stations5-year corporate income tax exemption, accounting for 100% of investment (excluding cost of land and working capital) unless specified in the list of activities eligible for investment promotion that the activity shall be granted corporate income tax exemption without being subject to a corporate income tax exemption capExemption of import duty on machineryExemption of import duty on raw or essential materials used in manufacturing export products for one year which can be extended as deemed appropriate by the board.As of December 2020, Energy Mahanakhon Co.,Ltd,(Bangkok,Thailand) (asubsidiary of Energy Absolute, a Thai listed company)has been approved for investment privilege

Four-wheeled vehicles

A three-year corporate tax holiday is available for PHEV projects worth at least 5 billion baht (US$163,783,000), while an eight-year corporate tax holiday is available for BEV projects worth the same amount. This includes spending on research and development (R&D) in the case of BEVs.

The tax holiday is limited to three years for PHEV and BEV ventures worth less than 5 billion baht (US$163,783,000).

However, BEV ventures, can request an extension if they meet one of the following criteria:

  • Produce a minimum of 10,000 units within three years;
  • Produce additional parts for production;
  • Invest in R&D; or
  • Projects that start in 2022.

Motorcycles, three-wheelers, buses, and trucks

Projects that produce these types of electric vehicles are eligible for a three-year CIT exemption, which can be extended under some circumstances.

Increasing investments from automakers in EVs

Automakers in Thailand are expected to make substantial investments to meet the increasing demand for electric vehicles and to play a key role in the market’s evolution. While there are significant investments in setting up new production facilities, the existing players in Thailand EV segment are also increasing their investments for boosting their production facilities in the country. These investments are primarily made to cater to the demands of the local market and exports, mainly to other ASEAN countries.

Some of the significant investments of the year 2020 by automakers in the EV production capacities in Thailand include

  • Mitsubishi Motors (Thailand) Co., Ltd. is investing 5.48 billion baht (US$ 180 Million) to upgrade its existing car production line at Laem Chabang Industrial Estate, allowing the company to produce 39,000 vehicles annually starting in 2023, including 9,500 BEVs and 29,500 HEVs.
  • The BOI also approved a 5.5-billion-baht (US$ 180.2 Million) investment by Sammitr Group in Phetchaburi Province for the development of 30,000 BEVs in June 2020.

Growing concerns over environmental pollution

ICE (Internal Combustion Engine) vehicles release a significant amount of greenhouse gases (GHG) into the atmosphere. To combat this, policymakers in Thailand have taken measures to encourage the use of electric vehicles. One such initiative by the Thailand Government is the establishment the National Electric Vehicle Policy Committee (NEVPC) to accelerate the country’s national EV roadmap to produce some 1.2 million EVs by 2036.

These measures will lead to the improvement of air quality. The use of electric vehicles would minimize dependency on fossil fuels. Furthermore, relative to ICE vehicles, electric vehicles have lower maintenance and running costs.

Market Restraints

The Primary Factors hindering the growth of the Electric Vehicle Market in Thailand are

Battery, Charging issues

While an electric motor is more powerful than an internal combustion engine, this is not a major selling point for BEVs. Consumer acceptance is an important factor. Other considerations, such as the technology’s entry cost without subsidies or any kind of preferential treatment for EVs to make them appealing, appear to feed into this. Many consumers are concerned about the technology’s limitations, which include not only range but also the time it takes to charge an EV when required, as well as a still sparse charging infrastructure in some areas, which are limiting the market’s growth.

The cost of these complex battery packs, on the other hand, has always been the elephant in the room, causing EV sticker prices to be significantly higher than their ICE-powered equivalents.

Reliability and efficiency

Automotive electronics must be reliable for all vehicles, but particularly for BEVs. One of the most challenging factors for electric vehicles and hybrids is deciding how the microcontroller can maximize power efficiency for all of the different components within the vehicle, from high-end to low-end designs, to ensure long-term design flexibility. Power conversion systems are necessary and critical to modern EVs. The robustness and reliability of integrated control devices are major design and manufacturing challenges for automotive power ICs. In order to meet the stringent operating temperature requirements, on-chip memory solutions must also comply with the AEC-Q100 standard.

Industry Challenges

The major challenges faced by the Players in the Electric Vehicle Market in Thailand are

High cost of EVs in comparison to ICE vehicles

Electric vehicles (EVs) will contribute significantly to the Thailand 20-Year Energy Efficiency Development Plan’s energy reduction and greenhouse gas emission goals due to their higher energy efficiency rate (2011 – 2030). EVs, on the other hand, are currently more costly than traditional gasoline and diesel vehicles. This surplus will make it difficult for them as a selling point for them.

Thailand’s electric vehicle market is still limited, with high prices preventing widespread adoption by the general public. In Thailand, hybrid car sales accounted for just 1% of total vehicle sales in 20. As compared to the output of the same or similar conventional models, Thais believe that EVs are overpriced. Even OEMs, such as Nissan and Toyota, have confirmed that the Thai automotive market will only be ready for EVs if the government takes supportive steps to promote lower EV prices

.Impact AreaFindings
Total Cost of OwnershipBEV is 44% more expensive than ICEV
Global Warming PotentialBEV has 23% less GWP impact than ICEV
Secondary Environmental ImpactsBEV has 3 times greater Human Toxicity Potential

Lack of Supporting Infrastructure

EVs have not been well received by Thai motorists. Many citizens are waiting for more facilities to support electric cars, such as recharging stations. Investors in the space are contending with an unsustainable business model in which the cost of implementing EV infrastructure is prohibitively high, and customers are unable to charge their vehicles at a cost-effective rate. As a result, utilities, which are better placed to deal with this, have completely avoided the problem, private investment is poor, and state incentives are still nascent.

Thailand’s electric vehicle market is still limited, with high prices preventing widespread adoption by the general public. In Thailand, hybrid car sales accounted for just 1% of total vehicle sales in 2020. As compared to the output of the same or similar conventional models, Thais believe that EVs are overpriced. Even OEMs, such as Nissan and Toyota, have confirmed that the Thai automotive market will only be ready for EVs if the government takes supportive steps to promote lower EV prices.

Technology Trends

Technology is the fuel that drives the growth of the Electric Vehicle (EV) Market in Thailand and the emergence of Disruptive technologies has significantly influenced the growth of the Contact Lens Market in India, some of the key technologies shaping the emergence of Contact Lens Market in India are

Solar-powered cars

Solar-powered cars will be one of the most exciting technology trends to watch. Many companies are already working to make solar cars a possibility in the near future.

This could be a game-changer for the EV industry by allowing the car’s battery to be charged when driving. Some intriguing designs are currently undergoing testing, and some of them could be ready for production by 2021. Some automakers are still working on solar-powered hybrids.

Urban mobility (e.g. car-sharing apps)

Another EV tech trend to keep an eye on is the evolution of urban mobility, especially car-sharing solutions. There are already some apps for EVs, such as Greenlots and Scoota, that enable users to benefit from EVs without having to spend a significant amount of money on one. If more businesses recognize the market’s potential, an influx of car-sharing applications, companies, and other solutions could occur as early as next year.

Pricing Trends

It is expected that the Increased competition, the arrival of charging stations, and lower production costs would bring down the price of an electric vehicle (EV) to a more affordable 1 million baht within 3-5 years.

In 2020, prices for Thai-made EVs range from 660,000 baht for the FOMM One to 1.2 million baht for the MINE SPA1.

Prices for imports range from 1.5 million baht for MG’s ZS EV, which will be released later this month, to 1.75 million baht for Hyundai’s Ioniq Electric, and 1.99 million baht for Nissan’s Leaf, which is the region’s best-selling vehicle.

Regulatory Trends

Thailand’s government has announced a five-year plan to make the country a hub for electrified vehicles in the Association of Southeast Asian Nations (ASEAN). The plan calls for the government to promote electric vehicles (EVs) through state agencies, with a goal of producing 250,000 EVs, 3,000 electric public buses, and 53,000 electric motorcycles by that time. Thailand’s government aims to promote itself as the homeland of a new generation of automakers. The EV master plan aims to increase EV production to 30% of total annual car production, or about 750,000 units out of 2.5 million units by 2030

Furthermore, the government is working to improve the country’s EV charging infrastructure. Instead of competing, PTT Plc, a state-owned oil and gas company, and Thailand’s Electricity Generating Authority will collaborate to construct more charging stations across the country, and the Thai Board of Investment (BOI) will work out promotional privileges for the production.

Other Key Market Trends

The EV price tag will continue to drop as battery costs fall

Since 2010, the price of lithium-ion batteries has dropped dramatically and continues to do so. To demonstrate the argument, the average price of an EV battery pack in 2010 was $1,160/kWh (USD), compared to $176/kWh in 2018. According to BloombergNEF, this price will drop to about $94/kWh by 2024, then to $62/kWh by 2030. This would help to accelerate the time when electric and internal combustion engine (ICE) vehicles have comparable upfront costs, which they currently expect to be around 2022.

A combination of factors is driving these substantial cost reductions, some of which includes

  • Battery technology advances
  • industrial policies aiding Battery Development.
  • Increasing industrial capacity

Impact of COVID-19 on EV Market in Thailand

As factory closures compound a move toward electric vehicles, the COVID-19 pandemic is hastening the remaking of Thailand’s automotive industry, which is the backbone of Southeast Asia’s auto market. Since Thailand’s auto industry is dominated by hundreds of parts manufacturers, the transition to electric vehicles (EVs) may be disastrous for the country’s auto industry.

EVs need just 10% to 20% as many parts as internal-combustion vehicles. With an estimated one-third of a million jobs at risk, Thai auto-parts manufacturers are scrambling into sectors such as medical equipment, a development that will likely continue to reshape Southeast Asia’s second-largest economy after the pandemic is over.

Thailand’s parts manufacturers were already shifting gears before the latest coronavirus hit, as the global auto industry shifts toward electric vehicles, fueled by companies like Elon Musk’s Tesla Inc. TSLA.O.

In March, the government set a target of 30% EV output, or 750,000 vehicles, by 2030, initially for domestic use to reduce pollution, which is expected to significantly boost the growth of the Electric Vehicle Market in Thailand.

Market Size and Forecast

Though Thailand is a behemoth in the Automobile segment in the ASEAN Region, it is still in its infancy in the Electric Vehicle segment. The EV Market in Thailand is valued at US$ 263.7 Million in 2020 and is poised to grow at 22.4% to reach a Market Size of US$ 724.5 Million in 2025.

From 2020 to 2025, the Thailand electric vehicle market is projected to expand at a CAGR of 22.6 percent in terms of Volume. In 2025, the Total Industry Volume (TIV) is projected to increase to 34,603 units, up from 13,230 units in 2020.

Electric vehicles, including Plug-In Electric Vehicles (PHEVs) and Battery Electric Vehicles (BEVs), accounted for less than 1% of total car sales in Thailand in 2020. For Instance, only 2,100 BEVs were sold, while 11,582 PHEVs were sold.

The Electric Vehicle segment is transforming the entire Auto Industry that has breath new life into not only the Auto Segment of Thailand but also other segments such as Renewable Energy, Battery and the Semiconductor Industries of Thailand.  Promoting the use of electric vehicles by state agencies, tax benefits and parking discounts for consumers, more investment incentives for businesses, and improving charging infrastructure across the country are just a few of the steps being taken to boost the domestic market and meet the 2030 target of 30% of the total Automobile produced be Electric Vehicles.

Market Outlook

The Outlook for the Electric Vehicle Market in Thailand is highly optimistic as it has emerged as the Sunrise segment across the globe and Thailand in particular, This segment is expected to witness burgeoning growth in Thailand growing at a CAGR of 22.4% in the forecast period from 2020 – 2025, and expected to clock revenues to the tune of US$  724.5 Million by 2025.

In Thailand, EV adoption has been steadily increasing, with over 42,000 new HEVs/PHEVs and over 2,100 battery electric cars and motorcycles registered in 2020, as well as approximately 850 charging stations installed in 500 locations.

Electric vehicles are a feasible alternative to gasoline-powered vehicles, and they are expected to drive market growth. Furthermore, the market is expected to expand due to the trend of lower vehicular emissions in Thailand as a result of tighter rules and regulations, as well as the expansion of public charging infrastructure in the region. On the other hand, the high manufacturing costs of electric vehicles, as well as their poor fuel efficiency and serviceability, could limit market growth. Furthermore, Thailand is expected to benefit from technical advances in electric vehicles as well as proactive government initiatives.

Technology Roadmap

When it comes to technological disruption, the automotive sector is close to other industries. The technology trend in the automotive industry is moving toward the creation of CASE (Connected, Autonomous, Shared, and Electrified) mobility.

This affects not just technical progress but also the infrastructure and service environment. As a result, automakers and car parts suppliers must step outside of their comfort zones and deal with new rivals from other sectors. Some engine and exhaust-related manufacturers, including EV manufacturers, will have to shift their focus to other items as engine and exhaust parts become obsolete.

Distribution Chain Analysis

Since the BOI first rolled out a detailed set of incentives covering all major aspects of the EV supply chain, the agency has also approved 10 battery production projects with a total capacity of half a million units per year and two charging station production projects with a total capacity of more than 4,400 outlets per year.

Voltage harnesses, reduction gear, battery cooling systems, and regenerative braking systems will all be added to the list of EV parts eligible for CIT exemptions by the BOI. These four forms of companies can get a CIT exemption for up to eight years.

Additionally, the BOI has given a 90 percent reduction in import duties for raw materials used in the manufacture of battery modules and battery cells that are not available locally for the next two years in order to support the local EV battery industry.

The Distribution Chain of Electric Vehicle Market in Thailand is as in the above image

Competitive Landscape

With the presence of major players such as Hyundai, BYD, Kia, MG, Mitsubishi, Toyota, Mercedes Benz AG, BMW, GWM, FOMM, Mine Mobility, Nissan, and Vera, the market is consolidated and characterized by intense rivalry. These companies are actively investing in the production of technologically advanced electric vehicles and expanding their product range.

Some of the Key Market Developments in the Electric Vehicle Market in Thailand include

  • In Feb 2021, GWM introduced two popular models: the All New HAVAL H6 and the ORA Good Cat.
  • In Dec 2020, Global Power Synergy PLC (GPSC), a major Thai power group, has develop a pilot plant in Rayong province to manufacture lithium semi-solid batteries. 24M Technologies, a battery manufacturing company located in Cambridge, Massachusetts, is transferring the technology for a lithium semi-solid battery to be manufactured in Thailand. The pilot plant is launched in December 2020, with a production capacity of 30 MWh in the first phase. Based on market demand, the GPSC also plans to increase production capacity to 100 MWh.

Competitive Factors

To achieve a competitive edge in the industry, companies are engaged in acquisitions, mergers, regional expansion, and strategic alliances. For Instance, China’s GWM (Great Wall Motors) purchased GM’s Thai plant in 2019. The Rayong plant is being upgraded with the intention of launching electric vehicles in the first quarter of 2020. The acquisition was made with the aim of lowering overall costs and gaining a competitive edge in the industry.

Key Market Players

Some of the key players in the Electric Vehicle Market in Thailand include

BYD Co Ltd (Build Your Dreams) is a Chinese manufacturer of automobiles, battery-powered bicycles, buses, forklifts, solar panels, rechargeable batteries (various Inc. bulk-storage from renewable energy), trucks, and other products with its corporate headquarters in Shenzhen. BYD Automobile and BYD Electronic are its two major subsidiaries.

Kia Corporation, formerly known as Kia Motors Corporation, is a South Korean multinational automotive manufacturer headquartered in Seoul. With over 2.8 million vehicles sold in 2019, it is South Korea’s second-largest automaker after parent company Hyundai Motor Company. Hyundai owns a minority stake in the Kia Corporation, with a 33.88 percent stake valued at just over US$6 billion as of December 2015. Kia is a minority shareholder in over twenty Hyundai subsidiaries, with stakes ranging from 4.9 percent to 45.37 percent and a total value of over US$8.3 billion.

MG Motor is a British automobile manufacturer based in London, England. It is a subsidiary of SAIC Motor UK, which is owned by the Shanghai-based Chinese state-owned SAIC Motor. MG Motor is a British car manufacturer that designs, develops, and sells cars under the MG brand. MG Motor is the largest Chinese car importer in the United Kingdom.

FOMM Corporation manufactures electric vehicles. The Company produces compact electric vehicles, vehicle components, and other products. FOMM also provides vehicle technical consulting services.

Energy Absolute Public Company Limited, or EA, a Thai listed company, has unveiled three prototypes Full EVs designed and developed by its own R&D team, marking a significant step forward from its renewable energy business. The Thai R&D team has been working since 2017 to complete a certain step before forming a new subsidiary company, Mine Mobility Research Co., Ltd., to fully develop electric vehicles by the end of 2017. In the future, the new company will begin commercial production of “MINE Mobility,” the first Thai electric vehicle, to meet the needs of Thai people.

Vera Automotive is Thailand’s first electric car brand debuted amid skepticism from an industry expert about its commercial viability. Vera Automotive was founded on 7 October 2015 by five Thai engineers from King Mongkut’s Institute of Technology Ladkrabang (KMITL)

BrandModelPrice in Baht (US$)
BMWBMW i3s3,730,000 (123,430)
BYDE61,400,000 (46,330)
BYDM3 / T3999,000–1,089,000 (33,060–36,035)
MGZS EV1,190,000 (39,380)
HyundaiKONA Electric1,849,000– 2,259,000 (61,185–74,750)
HyundaiIONIQ Electric1,749,000 (57,875)
KiaAll-New Soul EV2,387,000 (78,990)
NissanLead1,990,000 (66,688)
FOMMOne664,000 (21,980)

Strategic Conclusion

The future of electric vehicle Market in Thailand is bright and exciting, and there is unlikely to be a market that goes untapped as battery technology improves, costs fall, and manufacturers release new models to capitalize on the growing interest in electric vehicles. 2020 is shaping up to be a watershed year, ushering in a decade of more environmentally friendly transportation.


Further Reading


  • EVs – Electric Vehicles
  • HEV – Hybrid Electric Vehicle
  • PHEV – Plug-In Hybrid Electric Vehicle
  • BEV – Battery Electric Vehicle
  • OEM – Original Equipment Manufacturers
  • REM – Replacement Equipment Manufacturers
  • BOI – Board of Investment
  • ICE – Internal Combustion Engine
  • GHG – Greenhouse Gases
  • NEVPC – National Electric Vehicle Policy Committee
  • V2G – Vehicle-to-Grid

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